Question 1 What is the importance of studying economics? Give an example how it can help you. Question 2 What is your observation regarding market/individual demand and supply for customer goods and services during the current crisis of COVID 19? You can use example(s) of any goods to explain your answer.

Q: An increase in consumer’s disposable income led to a decrease in demand of good X. How would you…

A: Demand is the number of commodities that customers are keen on and able to procure at numerous…

Q: Would this person be maximizing utility?: Bobby eats 2 sandwiches and drinks 3 sodas. The last…

A: There are two goods, i.e., sandwiches and sodas. Bobby eats 2 sandwiches and drinks 3 sodas.…

Q: Complete the following table and answer the questions below: Units Consumed Total Utility Marginal…

A: Total utility  is the total amount of happiness a consumer derives from a good at any particular…

Q: If the average utility of good A is 15 and the average utility of good B is 25, you should: A. keep…

A: Average utility is an economic  measure which calculates or measures  average  satisfaction received…

Q: Question 34 Stephanos spends all of his $500 allowance on slices of pizza and gas for his pickup…

A: To calculate the percentage change in consumption of pizza.

Q: The figure depicts the market for gasoline. Suppose that consumers expect the price of gasoline to…

A: Market equilibrium refers to the situation where the demand curve intersects the supply curve.

Q: 3. Susan has the following utility function U(x,y) = xy, where x represents food and y represents…

A: *SOLUTION :-  * (3)

Q: Use the following table showing the marginal utility schedules for product X and product Y for an…

A: “Since you have posted multiple questions, we will provide the solution only to the specified…

Q: 3) Now suppose you have $500 to spend. You can buy computer software, which costs $50 or go on a ski…

A: Budget set: The budget set signifies all the quantity sets of goods that can be purchased with the…

Q: Give typing answer with explanation and conclusion  Suppose that a consumer's utility function is…

A: Given  Consumer utility function: U=x5y3z3 Here x is the consumption of mineral water, y is the…

Q: Imagine there is an outbreak of 'mad sheep' disease, which wipes out a considerable portion of the…

A: a) Two factors occur when the price of haggis rises that will influence how many (units) of haggis…

Q: Louise's utility over baskets of pounds of Kale (K) and heads of Lettuce (L) is U(K,L) = 50K¹/2L¹2.…

A:

Q: 24. Binita has a limited income and consumes only juice and pasta; her current consumptio hoice is…

A: The utility is maximized where the Budget line of consumer tangents the slope of indifference curve…

Q: 2. Tom spends all his $100 weekly income on two goods, apples and bananas. His utility function is…

A: Utility maximization problem : With the given prices and the income, a consumer chooses his…

Q: Antonio buys five new college textbooks during his first year at school at a cost of $80 each. Used…

A: A graphical representation shows all the combinations of goods purchased with the given income and…

Q: 1. X1 and x2. The price of x, is $80 per unit and the price of x2 is $40 per unit; x1 and x2 are…

A: Disclaimer :- As you posted multipart questions we are supposed to solve the first 3 questions only…

Q: 12. Wayne has $2,000 dollars to spend on Grey Cup football tickets (measured in numbers along the…

A: Answer -

Q: Give an example of inferior good and an example of normal good that you have encountered and how has…

A: Normal goods and inferior goods are characterized based on how a good's demand responds to a change…

Q: A consumer is trying to decide between purchasing one smoothie or one cappuccino. They get 30 utils…

A: In economics, the term "utility" refers  to define the value or worth of a product or service. More…

Q: Determine how much of each good Mara will consume if she has $20 and if the price of books is $10…

A: Consumers adhere to the maximum of utility i.e. seeking to get the most pleasure possible from the…

Q: Use the midpoint method of calculating percentage changes in question. Heidi used to bake and sell 3…

A: Given Information Q1 = $3  and Q2 = $5 P1 = $35  and P2 = $45 Here,Q = QuantityP  = Price

Q: . Explain utility and its connection to consumer behavior

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Complete each of the following sentences: Your tastes determine the _____________ you derive from…

A: Whenever consumers consume the good, they derive utility from consuming it which determined by the…

Q: Consider the market for petrol. Which of the following changes would most likely lead to an increase…

A: The demand for a good or service reflects how much of it gets demanded at different prices. The…

Q: . Suppose you earn $1500 per week and you consume only two types of goods per week- sandwiches and…

A: The money income is given as $1500 The following table shows the combinations of both the goods…

Q: Xavier has preferences between food eaten today and food eaten tomorrow of the form. U(today,…

A: Utility maximization problem : With the given prices and the income, a consumer chooses his…

Q: If war breaks out in the Middle East and sugar is rationed so that Rosie is limited to purchasing…

A: It is given that if war breaks out in the middle east and sugar is rationed so that Rosie is limited…

Q: Case Change in QD OR Change in Demand Graphing beef: The price of beef goes up. Graphing Coke: The…

A: A shift in demand is referred to as a change in demand. Market demand for a commodity can change as…

Q: QUESTION 12 The relationship between the marginal utility that George gets from eating a bag of…

A: MU(Marginal Utility) is the change in TU(Total Utility) when an additional unit of the product is…

Q: 1. Using the following information, calculate total utility and marginal utility. a. Plot the total…

A: The utility is the wants satisfying power of a product. Total utility is the total amount of…

Q: Other things being equal, would a consumer optimum change if the prices of all items consumed rise…

A: A consumer optimum lies at the consumption bundle for which the consumer's utility gets maximized…

Q: QUESTION 1 1. Consider the following data from the table about a consumer. You have $16 to spend on…

A: Utility refers to the satisfaction a consumer gets from the consumption of a commodity.Marginal…

Q: Economists assume that the objective of consumers is to maximize their _____   Question 37 options:…

A: Utility- It is the total satisfaction that is received from the consumption of a good or service.

Q: What refers to the quantity of goods and services that consumers are willing to buy at a given…

A: Willingness and ability both are required in order to be able to purchase a good.

Q: Question 32 The last unit purchased of good "X" gave you marginal utility = 3 and c $10/unit. The…

A: A consumer will maximise utility at a point where marginal rate of substitution is equal to the…

Q: Sarah has a budget of 58. Her utility function if U(x,y) = x*y. %3D The price of good x is 1, the…

A: Given: Budget = M=58 Price of good x = 1 Price of good y = 8 Budget constraint equation: Pxx+Pyy=M…

Q: Scenario: When the price of butter decreased by 10%, the quantity that consumers demanded increased…

A: Price elasticity of demand (PED)measures the responsiveness in quantity demanded of a commodity to a…

Q: Antonio buys five new college textbooks during his first year at school at a cost of $80 each. Used…

A: A graphical representation shows all the combinations of goods purchased with the given income and…

Q: Rafe is optimally choosing to consume 6 apples and 3 bananas. The prices of apples and bananas are…

A: As the first order condition for the utility maximization problem is :  MRS = Pa / Pb  As, Pa = 7…

Q: O D. The marginal utility of the 80th unit is less than that of the 120th because the graph…

A: Utility is the satisfaction level which is measured in utils derived from the consumption and it…